Africa

Switzerland to return $321 million in stolen funds to Nigeria

Following a deal signed between the Swiss government and the World Bank, Switzerland is to return approximately $321 million in seized assets to Nigeria, Reuters reported on Tuesday.

The money was taken from the family of former Nigerian military ruler Sani Abacha who was accused by corruption watchdog Transparency International of stealing up to $5 billion in public funds during his five years in power in the oil-rich country from 1993 until his death in 1998.

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Luanda, not Hong Kong, the most expensive town for expats

Angola’s capital Luanda has overtaken Hong Kong to become the costliest city in the world for expats, Mercer’s annual survey said Wednesday.

According to Mercer’s 23rd annual Cost of Living Survey, Luanda was the costliest city, driven by cost of goods and security, followed by Hong Kong and Tokyo at the second and third places, respectively.
Others in the top 10 include Zurich at the 4th place, Singapore (5th), Seoul (6th), Geneva (7th), Shanghai (8th), New York City (9th), and Bern (10th).

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Swiss anti-migration campaign becomes a Tv Series for African spectators

Switzerland has launched a campaign to discourage Nigerian immigration based on drama. Switzerland’s State Secretariat for Migration (SEM) is spending $450,000 on filming a TV series with African actors showing the perils of living in Europe illegally, which will be shown on Nigerian television.
Speaking to reporters, the spokesman for SEM, Lukas Rieder, said that one of the objectives of the series was to make clear that there are few chances of being granted asylum and the trip does not worth the dangerous crossing of the Mediterranean.”Human traffickers tell potential migrants that Switzerland is paradise, it’s El Dorado. But that’s not true. We want to provide objective information about the dangers of passage, and the dangers of living in Switzerland without a permit, for example.”

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Ebay founder launched tests in Kenya giving free money

Omidyar Network, the philanthropic investment arm started by eBay founder Pierre Omidyar, has invested $493,000 into an experiment giving people in Kenya free money.

The Omidyar Network is hoping the study will help advance the debate around basic income from broad theoretical terms to more practical considerations.

Universal basic income (UBI) is the notion that a government should guarantee every citizen a yearly sum of money, no strings attached. The thinking is that such a program would relieve economic stress as automation technology severely reduces the demand for labor.

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